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Supporters urge ‘truth in lending’ disclosure for small-business financing in HB 693 hearing; industry pushes alternative disclosure model
Summary
The Economic Matters Committee heard testimony on HB 693, a ‘Small Business Truth in Lending’ bill that would require APR and related disclosures for many commercial financing products. Supporters — banks, community lenders and small-business advocates — said transparency would prevent high-cost loans from trapping entrepreneurs. Industry groups
The House Economic Matters Committee heard House Bill 693, a proposal to require expanded disclosure for many small‑business financing products, including an estimated annual percentage rate (APR) and related payment information.
Supporters included community lenders, civil-rights and small‑business organizations and a range of business owners who described experiences with short‑term, high‑cost financing products that can leave enterprises unable to recover. Kaylee Locklear of the Maryland Retailers Alliance described a member who took high‑cost financing that ultimately contributed to the business’s failure.
“Common sense APR disclosure for small business financing is supported by the FTC, small business…
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